Income from leave and licence fee was property income not a business income

DCIT Vs. Magnus Properties (P) Ltd. (ITAT Mumbai) Conclusion: Income derived by assessee from leave and licence fee was to be treated as income from house property not as business income as assessee company’s primary object was not to construct, develop and lease property out for earning rental income but to engage itself as real estate developer. Held: The issue arose for consideration was whether the income derived by assessee from leave and licence fee was to be treated as income from house property as claimed by assessee or as income from business as held by AO. It was held AO had treate...